Summary: <br> “How do I understand Social Security and Medicare?” This is a question I hear most often from people planning for retirement. Social Security and Medicare benefits will play a big part in your retirement. <br> In this episode we begin to unwrap both and start to build a framework for you to make decisions about your Social Security and Medicare benefits. I say we “begin” intentionally. In future episodes, we’ll continue to improve your understanding of your Social Security and Medicare.<br> Announcements<br> <br> * If you enjoy the podcast, I would consider it a great favor if you <a href="https://itunes.apple.com/us/podcast/plan-well-invest-wisely/id834314596">subscribed in iTunes</a> and left a review. This helps others discover the show.<br> * Last week I announced my Retirement 2.0 project. This is my initiative to redesign the retirement planning process to serve you better. To help, <a href="http://www.rogerwhitney.com/retirementtwopointo/" target="_blank" rel="noopener">go here and share your thoughts on retirement</a>.<br> <br> Retirement Tip of the Week<br> I suggest you visit and explore our government's Social Security website. It is an easy to navigate useful resource to help you manage your Social Security benefits. YES, I just said “useful” and “government” in the same sentence. They did a great job designing the site.<br> You can easily:<br> <br> * Apply for benefits<br> * Check the status of an application<br> * Set up direct deposit<br> * Estimate your Social Security<br> * Estimate your spouse’s benefit<br> * Sign up for your Social Security benefit<br> * Set up direct deposit<br> * Access their Retirement Toolkit (a great PDF document that outlines key dates for Social Security and Medicare)<br> <br> Unwrapping Medicare: The Basics<br> This week I talk with Misty Kimbrough, a local insurance expert about the basics of Medicare. She outlines the basic parts of Medicare and the 3 most common missteps people make when planning medicare benefits for retirement.<br> Part A “major medical” coverage covering health care costs at hospitals <br> Part B Covers the costs of health care outside of a hospital. Doctor visits, outpatient procedures, x-lab test and related services<br> Medicare Supplements (Medigap)<br> Part C Medicare Advantage Plan<br> Part D Prescription Drug Plan<br> 3 Common Medicare Missteps <br> Resources Discussed<br> <br> * <a href="http://www.ssa.gov/" target="_blank" rel="noopener">Social Security website</a><br> * <a href="http://www.medicare.gov/" target="_blank" rel="noopener">Medicare website</a><br> * <a href="https://www.medicare.gov/find-a-plan/questions/home.aspx" target="_blank" rel="noopener">Medicare Plan Finder</a><br> * Retirement Answer Library<br> * <a href="http://redappleinsurance.com/" target="_blank" rel="noopener">Red Apple Insurance</a><br> <br> Enjoy the Podcast?<br>
